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Home News Budget Month 7 2024 2024 (7) This

FINANCIAL SUPPORT FOR HIGHER EDUCATION LOANS UPTO ` 10 LAKH TO HELP YOUTH WHO HAVE NOT BEEN ELIGIBLE FOR BENEFIT UNDER GOVERNMENT SCHEMES AND POLICIES

23-7-2024
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E-VOUCHERS TO BE GIVEN DIRECTLY TO 1 LAKH STUDENTS EVERY YEAR

ANUSANDHAN NATIONAL RESEARCH FUND TO BE OPERATIONALIZED FOR BASIC RESEARCH AND PROTOTYPE DEVELOPMENT

Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman announced a financial support for loans upto ` 10 lakh for higher education in domestic institutions for helping youth who have not been eligible for any benefit under government schemes and policies. While presenting the Union Budget 2024-25 in Parliament today, the Union Minister said that E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount. 

The Union Finance Minister further said that the Anusandhan National Research Fund will be operationalized for basic research and prototype development. Further, a mechanism will be set up for spurring private sector-driven research and innovation at commercial scale with a financing pool of ` 1 lakh crore in line with the announcement in the interim budget.

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